Competitive benchmarking

Competitive benchmarking is the process of comparing a company's performance, products, or processes against those of its competitors to identify best practices and areas for improvement. By analyzing aspects like pricing, quality, and customer service, businesses can understand how they stack up in the market. This information helps them discover strengths to build on and weaknesses to address, ultimately enhancing their competitiveness and driving growth. Essentially, it's about learning from others to improve one's own performance.